France's PSA suspends joint ventures in Iran to avoid U.S. sanctions

Reporting "Asre Khodro", Large French companies active in Iran, including oil major Total, are struggling to obtain exemptions from the sanctions imposed by U.S. President Donald Trump's administration.

"The group has begun to suspend its joint venture activities, to comply with U.S. law by Aug. 6," PSA said in a statement on Monday.

"With the support of the French government, the Groupe PSA is engaging with the U.S. authorities to consider a waiver."

Source: Reuters